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Home My WebLink About0531~ -~.~t~ _~-~~ UNIFORM COV~N~NTS. Boffowt~ and I.ender cuv~~~nl and agrrc a~ (olli~ws: '~ ' 1. ~yateat ot Priacipal aod laterest. Burmwrr ~h:~ll pmmpil~ p~y Nhrn Jue ~hc principal ~~( and inlerest on thc iadebtedness evidenced by the Note, prepaymen~ and late char~:r. a. pruviJed in tM; Note. and Ihe principal ot and intercs~ o~ wy Futurc Advances secured by th~s Mor~gage. _. Fti111dS IO~ Ta~ls alld IILfU~fpCl. Subject to applir~hlc law ~~r ~o a wril~en waiver by I.cnde~. Borruwer shall pay to l.ender on the day monthly inuallments of principal anJ intvt~~t .~r~ payablc unJrr the tiotc, until the Note is paid in fuH. a sum (herein "FunJs") equal !o ~ine-twcl(th of the ycarl~ ia~~. an~l a~ticscmcn~~ which may attain pruxiry ovcr this Motigagc, and g~ound rents on the Properly~, ~f any, plus ~~nc-tNrl(~h ot ycarly premium installments for hszard i~sur~nce. plus one-twelhh of yearly premium ins~allmen~t (or m~~tgagc ~nsurancc. i( any, aU as rcasanably cdimated inilially anJ (rom time to time by Lender on the basiti of ~:tic..mcm. anJ hills and «a.~~nabfc es~imates thereof. 'Ilu Funds shall t+e held in an institu~iun Ihe de~x~+m ~~r accuunls ot whirh are insurecl or guaranteai hy a Federal or state agency (inclutling l.endet i! I.cnJer i~ ~ueh an insli~ulionl. L~nder ~hall apply Ihe Funds ta pay ~aid ta~es, assessmc~ts, insuta~ee premiums and grouod re~tx 1 ender may ooi charge ~or ~o holdi~g and :+pplying ~he Fundc. ~nalyzing said account, or verifying and compiling said assei~men~s anJ hilh, unlesti Lcndcr pays Borrowe~ interest on thc FunJs and ~pplicable law pertnits Le~der to make such a charge. Bi~rruwcr aad Lender may •rgree in writing at Ihe time ul exccution o[ this Mortgage that interest on the Funds shall bc paiJ to Borruwe~, and unles~ such agrccment it madc ur applirable law requires such interest to be paiJ, I.ende~ ~hall n~t txr reyuir~~l to ~p Borrawer am• interest or earn~ng~ on the Fundc. Lender shaU giye to Borrower, without charge, an annual accouming ot the Fur~J~ ehowing credits and deh~lc to the Funds anJ the purpose for which each debit to the I~unds wa~ made. The Fund~ are pleelged ac aJJi~iun~) securit)~ k~r the soms secured by this Mortgage. lf the amou~t of the Funds he!d by Lendcr, logcther ~ith thc futurc monthl}~ inVallmcntc of Funds pa}~ablc prior to the due dates of laxes, assessments. insurance pren~iums •rnd grounJ renh, shall excreJ the amount reyuired to pay ~aid taxes, assessme~ts, insurance ptemiums and ground rents ac the~• (all Jue, such exce~s chall he, :~t BorroH~er's opti~n, either promptly repaid to Borrower ot crcdi~cd to Borrowe~ on manthly intitallmcnts of Fundc_ If thc amoun~ of thc i•unds held by Lender shall not be sufficient to pay taxes, asse~sments, imurance premiumc anJ ground rents ac ~hey fall due. Borrower shall pay to Lender any amount necessar~• to make up the deficiency within _10 da}•t from ~he date nolice is mailed by Leader to Borrower requesting paymcnt thercof. Upon payment in full of all sums secured by th~s Mortgage. t.cndcr shall promptly refund to Borrov-•er any Funds held by Lender. If under paragraph 18 hercoi the Pmperty n wld or thc Propcrry is othenvisc acqwrcd by Lender, I.enJer sball apply. no later than immediately prior ~o ~he :.ale of thc Property or its acquisitian by l.cnder, any Funds held by Lender at the time of application as a c~edit against !he sum~ secured by this Mortgage. 3. Application of Payments. Unle~t applicable law• provides otherwise. all payments reccived by I.ender under the Note and paragraphs 1 and 2 hcreot sh:di bc appficd by Lcndcr firat in paymcnt of amounts payable to LcnJcr hy Borrow~er under paragraph 2 hereo(, then to interest payablc on the Niotc, then to the principal of the Note, and then to interest and principal on any Fuwre Advances. 4. C6arges; I3e~s. Borrower ~hall pay :~II ~axeti, a~x-ssments and rnher cha~ge~, finec and ~mpc-tiitions aUributable to the Property which may attain a pnarity over ~his Afortgagc, and leasehold payments or ground rents, if any, in the manner providul under paragraph 2 hereof or. if not paid m such manner, by Borrower making payment. when due, directly to the payce thereof. Borrower shall promp~ly furn~sh to Lender all notices of amounts due under th~s paragraph, and in the t~ent Borrower shall make payment direcUy, Borrow~er shal: prompdy furnish to Lender receipt~ evidencing such payments. Borrower shal) promptly dixharge any lien which has pnor~ty uver ~his Mortgage; provided, that Borrower shall not be required to discharge any such lien u. long as Barrower shall ~gree in writ~ng to ~he paymeM of the obligalion secured by suc6 lien in a manner acceptable to Ixnder, or shall in gcx~ci faith cc-ntr.t such lien by, or defend enforcement of such lien in, lega) proccedings which operate to prevent ~he enforcement of th~ lien or [orfeiture of.the Property or any part thereof. S. Hazard Inserance. Borrowe~ shall keep tt-e ~mprovcment~ now exisling or hereafter crected on the Pmperty insured against loss by fire, hazards inrluded withm the term "e~tendeJ co~•erage", and such other hazards as I.ender may reyuire and in such amounts and for such periods as Lender may reyuire; provideJ, that LcnJer shall not require that the amount of such coverage etceed that amount of rnverage reyuirecl to pay ~he sum~ secured ~by this Mo:~gage. 71~e ~raurance carrier providing ihe insurance shall be chosen by Borrow•er subject to approval by Lender; provided. thu such ap~roval shall not be unrea~onahly withheld. AI! premium~ on insurance policies shall be paid in the manner Provided under paragraph 2 hereof or, if not paid in tuch manner, by Borrower making payment, when due, directly to the iosurance carrier. All insurance policiec and reneKals thenx~t shall he in fonn :~cceptable to Lender and shall include a slandard mortgage dause in favor of and in form acceptable t~~ Lender. 1_ender shall ha~e the right to hold the policies and renewals ihereof. and BorroNer shall prompdy furnish to l.ender all renewal notices and all receipts of paid premiums. In the event of loss. Borrower shall give prompt notice t~. the ~n,u~:~nre c~rner and I.ender. Lendrr ma}• make pr~~t of loss rf not made promplly by Borrower. Unless LenJer and Borrower otherw~.r aKrer in unhng. imurance proceedc shall be applied to restoration or repair of the Property Jamaged, pruv:Jed su~h rc~turatum or re~a~r is economic:+lly feasible and the seeority of th~s Mortgage ic not thereby impaired. If su:h restorati~n or repa~r is n~~t ccunc~mically feasible or if the security of this Mortgage w•ould be impaired, the insurance proceeds shall be appiied to the sums secured b~• this MoAgage, vvith the eacess, if an~•, paid to Borrower_ If Ihe Propen~• ic abandoned h~ R~~rrowcr. ,.r ~t Horrower fails to respond t~. I.ender within 30 days from the date notice ~s mailed b.y l.ender to Borrow•rr that the -nsurancr carrier olters to ~ettle a claim f~~r insurance benefits, 1xnJer is authorized to collect and rpply the ~nsurance prucee~~ at I.ender's optiun either to restc-rat~on or repair of -he Propen~~ or to the sums secured by this Mortgagc. Unless Lender and Borrower iitherKiu agree m writing, any such application af prcx~eeds to pnncipal ihall not e~tend or pcxtpone the due date of the monthh installmrnlt referred t~. in paragraph~ 1:.nJ 2 here.~f or change the amount o[ such installmeots. If under paragraph 12{ hereof the Propert~ is acyu~reJ hy Ixnder, all right, tide and interest of Borrower in and to any insurance policies and in and to the proceeds thereu[ resulung from damage to the Property prior to ~h~ ~ale or acquisition shall pass to Lender to the e~tent of the sum~ aecured by th~s i~lortgage immediately prior to such sale or acquisition. 6. Preservatioa wd ~t~ioten~nce of Property; l.eacehulds; ('ondominiums; Planned Unit Ue~elopments. Borrowcr shall keep the Property in good repair and shall not comroit waste or pcrm~t impairment or deterioralion of the Property and shall comply with the provisions o( any lease if thi~ Mortg.,ge ~. nn a Icasehold. If this Mortgage is on a unit in a condominiam or a planned unit devetopment, Borrower shall perform :~II of Borrower's obligations under the declarati~~n or coveoants creating or guvernmg the condominu~m or planncd unit development, the by-laws and rcgulations of the condominium or planned unit development. and constituent Jocumentti. I( a condominium or planned unit development rider is exa:uted by Borruwer and rCrorded t~~ge~her wi~h th~s Mortgagc. ~he covenants and agreements o( such rider shall be incorporated ~nto and shall amend and wpplrment thc co~enants and agreemcnts o( th~s Mortgage as if the riJcr were a part hereof. _ 7. Protectioo of I.ender's Securfty. If Borro~er fails ti, perform the covenants and agreements amtained in this Mortgage, or if any action ur proceeding ~~ commence~i which materially afiects Lender's interest in the Proper~}•. including, but not limited to, eminent domain. inu~lvcncy, c~.de cniememcm, or arrangements or proceedings invohing a baakrupt or decedeqt. then l.ender at l.ender's option, u~x~n notice t~ Borrower, ma}• make such appearances, Jishurse auch sums and take such action.as ~s necetisary t~~ protect Lender's interesl, inciuding, but not lim~ted to, disbursemem ot reasonable attomey's fees,and eniry uMm Ihc Propcnp to make :cpairc. I( I.cndc~ reyuircd mortgage incurancc as a condition of makmg thc loan sccureJ bf this Mortg:~gc. Borruµcr shall pay thc prcmiums rcquired to maintain such insuranee in efiect until soch time as the reyuirement for such msurance terminate~ m:iccordanc~ wi~h Borrawer s anJ ~ so~x 346 PaGE ~~~ . ~ . ~ ~~-~.~~~~ " ~.:~;:~- ~-, W~: ~ ~~ - >